In this article, we are going to discuss the various types of Online Credit Card Processing Services and how to choose the best one for your specific requirements. But before that, we need to understand what credit card processing actually is. A credit card processing service is the company that allows you to accept payments via credit cards when you sell a product or service. Payment processing through credit cards has become a norm these days, since a big number of buyers prefer to pay using a card rather than using cash.
While looking for the right online credit card processing company, one must understand various terms and factors of this industry. Accepting credit card payments is probably the best decision a small business can make. It not only makes the payment processing easier, but also builds trust among your buyers. But the one common problem all businesses face is how to process the payments received through these credit cards. And, this is where a payment processing company can help you. Read further to know about different types of credit card processor services and the process of choosing the right one for your business.
Types of Online Credit Card Processing Services
Every company that offers service of processing credit cards charge some amount as a fee for their services. Some merchant services charge a fee only when a transaction is made, while others also charge an initial set up fee. Choose a processing company that best fits your budget.
Different merchant account processing services offer different types of credit card processing services to suit the needs of specific clients’ businesses. Some popular and most common business merchant processing options are: online card processing, mobile terminal, POS terminals, and manual online transactions. We will now read about each process in detail.
Online credit card processing service is the best option for online merchants that are selling products or services through a website. The right merchant processing company will allow you accepting credit cards via the dedicated payment gateway offered by the merchant. Terminals are like card reading machine where you can accept credit card payment by swiping or sliding the card’s magnetic strip through the machine’s reader. These services are often used by offline shops and stores.
Mobile terminal is a new revolutionary form of card processing. In this option, the merchant can accept payments through a mobile device. Your payment processing company may even allow to accept payments using a dedicated app, thus avoiding the need to use a terminal machine. This technique is preferred for merchants who sell products while traveling. Then there is manual credit card processing that involves the use of a manual card imprinter to make a copy of the credit card. It is an old and tedious process and mostly used by businesses that make very few credit card transactions.
So, now that understand different types of online credit card processing methods, you can choose the one that best suits the specific requirements of your business. Whatever you choose, make sure to use only authentic small business merchant services that can offer you dedicated merchant processing account, good merchant account rate, and the facility of accepting credit cards smoothly.